During the June quarter, GPL added four new projects to its portfolio with nearly 5 million sq ft of saleable area. This included an acquisition of about 15 acre land in Gurgaon for developing a high-end residential project with saleable area of about 1.5 million sq ft.

On projects execution, GPL said that it delivered 1,101 apartments measuring 2 million sq ft in Gurgaon and Vikhroli.

GPL said its net debt reduced to Rs 3,091 crore as on June 30, 2017 from Rs 3,499 crore at the end of the last fiscal. The average borrowing cost also fell to 8.45 per cent from 8.8 per cent during this period.

Last week, the company reported a 46 per cent decline in net profit to Rs 23.37 crore for the quarter ended June as against Rs 43.47 crore in the year-ago period.

This was mainly due to higher tax outgo that surged to Rs 19.48 crore from Rs 10.65 crore during the period under review.

Total income, however, rose 3 per cent to Rs 345 crore in the first quarter of this fiscal from Rs 333 crore in the corresponding period of the previous year.

GPL is currently developing residential, commercial and township projects across about 138 million sq ft in 12 cities.